Report Industry Investment Ratings No relevant content provided. Core Views - The macro - economic recovery momentum needs strengthening, and the monetary policy is expected to remain loose. For various commodities, different trends and investment suggestions are presented based on their respective fundamentals and market conditions [6]. Summary by Commodity Treasury Bonds - Last trading day, treasury bond futures closed up across the board. The macro - economic recovery momentum is weak, and the yield is at a relatively low level. It is expected that there will be no trend - based market, and caution is advised [5][6][7]. Stock Index Futures - Last trading day, stock index futures showed mixed performance. The domestic economy is stable, but the recovery momentum is weak. However, due to low asset valuations and China's economic resilience, the long - term performance of Chinese equity assets is optimistic, and long positions in stock index futures are considered [8][9][10]. Precious Metals - Last trading day, gold and silver futures had different performances. Given the complex global trade and financial environment, the long - term bull market trend of precious metals is expected to continue, and long positions in gold futures are considered [11][12]. Rebar and Hot - Rolled Coils - Last trading day, rebar and hot - rolled coil futures rose and then fell. The real - estate downturn suppresses rebar demand, and it is in the off - season. The price is at a low level, and there may be short - term weak oscillations. Short positions on rebounds are recommended [13][14]. Iron Ore - Last trading day, iron ore futures rebounded slightly. The supply - demand pattern has weakened marginally, but it found support at the previous low. Long positions at low levels are recommended [16]. Coking Coal and Coke - Last trading day, coking coal and coke futures rebounded. The market is in a supply - surplus situation, and short positions on rebounds are recommended [18][19]. Ferroalloys - Last trading day, manganese silicon and silicon iron futures rose. The short - term demand may peak, and the supply is excessive. Long positions need caution, and low - value call options can be considered [21][22]. Crude Oil - Last trading day, INE crude oil opened high and closed low. With upcoming Sino - US trade negotiations and the expected weakening of OPEC's pressure on oil prices, the oil price is expected to strengthen, and long positions are considered [23][24][25]. Fuel Oil - Last trading day, fuel oil opened high and closed low. Rising crude oil prices may drive up fuel oil prices, and long positions are considered [26][27][28]. Synthetic Rubber - Last trading day, synthetic rubber futures rose. Supply pressure persists, and demand improvement is limited. Wait for stabilization and then participate in rebounds [29][30]. Natural Rubber - Last trading day, natural rubber futures rose. There are concerns about demand and high inventory. Wait for the market to stabilize and then consider long positions [31][32][33]. PVC - Last trading day, PVC futures rose. The short - term fundamentals change little, and it mainly follows the macro - sentiment. It is in a bottom - oscillating state [34][36]. Urea - Last trading day, urea futures fell. Short - term cost decline and delayed agricultural demand lead to adjustments, but exports and future agricultural demand may drive the price up. Long positions at low levels can be considered [37][38][39]. PX - Last trading day, PX futures rose. Short - term crude oil prices oscillate, and the supply - demand structure is tight. It should be treated with an oscillating mindset, and interval operations are recommended [40]. PTA - Last trading day, PTA futures rose. The supply - demand structure weakens, but inventory reduction and cost support exist. Interval operations at low levels are recommended [41][42]. Ethylene Glycol - Last trading day, ethylene glycol futures fell. The supply - demand situation weakens, but inventory reduction increases short - term games. It is expected to oscillate, and attention should be paid to inventory and policies [43]. Short - Fiber - Last trading day, short - fiber futures rose. Downstream demand weakens, but cost support exists. Follow the cost - end oscillations and consider long positions at low levels [44]. Bottle Chips - Last trading day, bottle - chip futures rose. Raw material prices decline, and the supply - demand fundamentals improve. Follow the cost - end oscillations and participate cautiously [45]. Soda Ash - Last trading day, soda ash futures rose. The long - term supply exceeds demand, and the short - term rebound may not be sustainable. Avoid excessive long positions [46]. Glass - Last trading day, glass futures rose. The actual supply - demand contradiction is not prominent, and the short - term rebound may not last. Control short - position risks [47][48]. Caustic Soda - Last trading day, caustic soda futures rose. The overall supply - demand is loose, with regional differences. Long - position holders should control risks [49][50]. Pulp - Last trading day, pulp futures fell. The market is in a supply - demand stalemate in the off - season, and a turnaround may occur in August [51]. Lithium Carbonate - Last trading day, lithium carbonate futures rose. The supply - demand surplus persists, and the price is difficult to reverse without large - scale capacity clearance [52][53]. Copper - Last trading day, Shanghai copper futures rose. Sino - US trade negotiations are beneficial, and the basis for price increase exists. Long positions are considered [54][55]. Tin - Similar to lithium carbonate, the supply - demand surplus exists, and the price is difficult to reverse without large - scale capacity clearance [56][57]. Nickel - Last trading day, Shanghai nickel futures rose. The cost support weakens, and the demand is weak. The price is expected to decline [58]. Soybean Oil and Soybean Meal - Last trading day, soybean oil and soybean meal futures rose. The supply of soybeans is expected to be loose, and the upward pressure on soybean meal is high. For soybean oil, consider low - value call options [59][60][61]. Palm Oil - Malaysian palm oil prices rose. The inventory is increasing, and opportunities to widen the spread between rapeseed oil and palm oil can be considered [62][63]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices rose. Consider long positions in rapeseed meal after corrections [64][65][66]. Cotton - Last trading day, domestic cotton futures rose. The industry is in the off - season, and attention should be paid to Sino - US trade negotiations and USDA reports. Adopt a wait - and - see approach [67][68][69]. Sugar - Last trading day, domestic sugar futures rose. Overseas production is expected to increase, while domestic inventory is low. Consider long positions in batches [70][72][73]. Apples - Last trading day, apple futures oscillated. The new - year production is uncertain. Consider long positions after corrections [74][75]. Live Pigs - Last trading day, live - pig futures fell. Group - farm sales are increasing, and consider long - spread opportunities in peak - season contracts [76][77]. Eggs - Last trading day, egg futures fell. The supply is increasing, and short positions at high levels are considered [78][79]. Corn and Corn Starch - Last trading day, corn futures rose, and corn - starch futures fell. The domestic corn supply - demand is approaching balance, and a wait - and - see approach is recommended [80][81][82]. Logs - Last trading day, log futures rose. The fundamentals have no obvious drivers, and beware of long - position sentiment disturbances [83][84][85].
西南期货早间评论-20250609
Xi Nan Qi Huo·2025-06-09 07:00